Farm Finances and Parenthood with Tanner Winterhof from Farm4Profit Podcast

Tanner Winterhof, co-host of the Farm4Profit podcast, discusses the challenges faced by farm families in achieving profitability and balancing farm and family priorities. He emphasizes the importance of treating the farm as a business, tracking financial data, and seeking help from advisors. Tanner also highlights the need for open and honest communication within farm families and the importance of setting clear expectations. He shares his personal experience of becoming a father and the challenges of slowing down and finding balance between work and family. Tanner encourages farmers to embrace the connection and relationship-building aspects of parenting, even if it doesn't always feel productive. In this conversation, Tanner from Farm for Profit discusses the challenges and rewards of being a parent in the farming industry. He emphasizes the importance of creating a stable financial future for his family and the desire for his children to be proud of their family business. Tanner and Caite also share their experiences of balancing parenting and farm work, including the guilt and comparison that often come with it. They discuss the joys of watching their children succeed and the importance of teaching financial literacy. Tanner also shares his frustration with keyboard warriors on social media who use their platform to criticize without understanding the full story.

Connect with the Farm4Profit Podcast Below

• https://www.farm4profit.com/
• https://www.facebook.com/Farm4ProfitLLC
• https://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5Xqw
• https://www.tiktok.com/@farm4profit?lang=en
• https://www.instagram.com/farm4profit/

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Takeaways

• Treating the farm as a business and tracking financial data is crucial for achieving profitability.
• Seeking help from advisors, such as bankers and accountants, can provide valuable insights and support in managing farm finances.
• Clear and open communication within farm families is essential for balancing farm and family priorities.
• Parenting on the farm requires finding a balance between work and family, and embracing the connection and relationship-building aspects of parenting.
• Comparing oneself to others can lead to unnecessary pressure and stress. Each family should define their own priorities and make choices that align with their values and goals. Creating a stable financial future for your family is a common goal among parents in the farming industry.
• Balancing parenting and farm work can be challenging, and guilt and comparison often come into play.
• Watching your children succeed and achieve their goals is a rewarding experience.
• Teaching financial literacy to children is important, and using tools like bank accounts and debit cards can help them understand the value of money.
• Keyboard warriors on social media can be frustrating, but it's important to remember that their opinions may not be based on the full story.

Chapters

• 00:00 Introduction and Personal Background
• 08:26 Balancing Farm and Family Priorities
• 14:52 Defining Farm Profitability and Personal Priorities
• 31:44 Becoming a New Parent: Challenges and Adjustments
• 38:22 Defining Your Own Priorities and Avoiding Comparison
• 45:25 Balancing Parenting and Farm Work
• 52:09 Teaching Financial Literacy to Children